19190331_minutes.pdf

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At a meeting of the 2edera1 Reserve Board held in

the office of the Board on March 31, 1919, at 11 A. M.,

PRESENT: The Governor

Mr. Miller

Mr. Hamlin

Ur.Mr. Broderick, Secretary.

Lorning business vas presented and disposed of as

follows:

Letter from Er. Kent dated March 29th, regarding the

earmarking of gold up to :10,000,000 for the Javasche Bank,

covering shipments of goods from Java to the United States.

Referred to the Governor for reply to Er.

Kent and advice to the Federal Reserve Bank of

New York, the Board in principle being favor-

ably disposed to the arrangement in anticipa-

tion of lifting the embargo when conditions

are more propitious,- the details to be left

to the Federal Reserve Bank of New York.

The minutes of the meeting of the Board held on

March 26th were read, and on motion approved as amended.

The minutes of the meetings of the Gold ..:Iport Com-

mittee held on March 29th ancL31st were presented and ap-

proved, and the action therein set forth ratified.

The minutes of the session of Federal Reserve Agents

with the Board held on December 5, 1918, and of the sessions

of the Advisory Council with the Board on February 17th and

18th, 1919, were ordered circulated.

The Governor-reported the purchase on March 29th of

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244

special 2 certificate of indebtedness of the United --.;tates

for ,1,000,000 for the 2edera1 Reserve Bank of Philadelphia,

for deposit with the Comptroller of the Currency as collateral

for Federal Reserve bank notes.

Approved.

The Governor reported the following rediscount trans-

ations pursuant to authority heretofore vested in him:

March 28th, for the. Federal Reserve Bank

of Philadelphia, 410,000,000 member bunk 15

day collateral notes secured by Government obli-

cations - rate 4% - as follows:

5,000,000 by Federal Reserve Bank of

Minneapolis;

5,0j0,000 by Federal Reserve Bank of

Chicago.

March 20th,

of Dallas by thecage, :„35,000,000notes secured by

March 31st,

of Dallas by the

cago, ç5,O0O,0U0

notes secured by

for the Federal Reserve Bank

Federal Reserve Bank of Chi-

member bunk 15 day collateral

Government obligations; rate 470.

for the Federal Reserve Bank

Federal Reserve Bank of Chi-

member bank 15 day collateral

Government obligations; rate 4%.

March 31st, for the Federal Reserve Bank

of Richmond by the Federal Reserve Bank of Minne-

apolis, $10,000,000 11 to 15 day member bank col-

lateral notes secured by Government obligations;

rate 470.

March 31st, for the Federal Reserve Bank

of Philadelphia, !1.0,000,000 member bank 15 day

collateral notes secured by Government obliga-

tions,- rate 40 - as follows:

45,000,000 by the Federal Reserve Bunk

of Cleveland.

-i;i5,000,000 by the Federal Reserve Bank

of Minneapolis.


Mrch 31st, for the Federal Reserve Bank

of Dallas by the Federal Reserve Bank of Cleve-

land, :5,000,000 member bank 15 day collateral

notes secured by Government obligations, rate

4:0; (Gold settlement transfer April 1st).

A-)proved.

Letter from the rational Park Bank, rew York, dated

March 20th, making application for permission to invest in

stock of the Park-Union Foreign Banking Corporation to the

extent of ,1,125,00u.

4proved.

Letter dated Larch 29th from the Secretary of

=',„sriculture, regarding the assignment of a clerk to the _.,rest

Service for a limited period to assist in retabulation of

statistics and estimates of crops, live stock, etc., by Fed-

eral Eeserve Districts.

Referred to the Secretary with instruc-

tions to submit same to Dr. 7;i1lis for his

opinion as to whether or not the information

desired is of sufficient importance to warrant

the assignment of a clerk to compile the sta-

tistics by districts.

Letter dated March 28th from the Secretary of Agri-

culture, suggesting that a statement be issued by the Governor,

endorsing the system of Federal liaensed and bonded ware-

houses, and recommending that the Federal Reserve Banks ac-

cept as security for rediscounts, warehouse receipts issued

under the United States 7:arehouse Act and Regulations in


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°reference to loans secured by ordinary warehouse receipts.

Referred to the Governor with instruc-

tions to forward copies to the Federal Reserve

Banks of Richmond, Dallas, Atlanta and St.

Louis, requesting an expression of opinion as

to the desirability of establishing a preferen-

tial rate in favor of loans secured by ware-

house receipts issued by warehouses operating

under Federal license.

Letter dated March 25th from the Federal Reserve

Agent at Dallas, enclosing copy of letter from the Dallas

Clearing House Association regarding charges on collection

items in the City of Dallas.

Referred to the Governor .for the prepar-

ation of reply, after consultation with Gen-

eral Counsel, such reply to be submitted to

the Board at its meeting on Wednesday, April 2d.

The 6ecretury was instructed to wire the

Federal Reserve Banks, inquiring as to their

practice in re handling collection items pay-

able elsewhere than at banks.

Draft of proposed letter prepared by Mr. ;4.1e:Lander

B. Trowbridge, outlining the functions and duties of the

Consulting Architect.

Referred to Mr. Miller for revision.

Letter dated March 28th from the Governor of the

Federal Reserve Lank of Philadelphia, regarding payment of

special compensation to Mr. ,. H. Charlton.

Voted not to approve increase in the

salary of Mr. Charlton, but to approve of

his reimbursement by the Federal Reserve Bank


of Philadelphia for reasonable attorney's

fees incurred in his defense under an indict-

ment arising out of alleged misconduct of

his official duties with the Bank.

Proceedings of the Conference with Governors, March

20th, 21st and 22d, 1919.

Referred to the Governor and Secretary

for report on Wednesday, April 2d.

Letter from the Federal aeserve Agent • at San Fran-

cisco, dated March 20th, regarding the employment of Mr.

Edward Elliott in connection with State bank membership cam-

paign.

2eforred to the Governor for reply.

R;O C=I%REOT OTE

Dated March 31st, recommending the admission of State in-

stitutions as set forth in the auxiliary

minute book as of this date, subject to

the conditions stated in the individual

reports attached to each application.

Approved.

Dated March 31st, recommending action on applications for

fiduciary powers as stated in the aux-

iliary minute book as of this date.

Approved.

Dated March Z7th, recommending approval of the application

of Mr. R. L. Griggs for permission to

serve at the same time as director and

secretary of the Northern National Bank,

'Duluth, Llinn., and as director of the

First rational Bank, Virginia, Minn.

Approved.

Dated March 29th, recommending increases in salaries of em-

ployees of the Division of Reports and


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Statistics, effective ;..pril 1, 1919,

as follows:From To

Mrs. :alma L. Chapin, •1,11Ju i4,200

Miss Dorothy L.Wooden, 1,000 1,120

approved.

Memorandum dated March 29th from Dr. Willis, submitting

the resignatiorsof Mr. M. H. Harris and Mr. 1„. H. Langston

from the Division of .analysis and Research, effoctive April

1, 1919.

Approved.

Letter dated March 2Gth from Mr. William Y. Johnson

regardinc his application, heretofore denied by th Board,

for permission to serve under the Clayton Lct in connection

with the Hackensack :Tational Bank and the Hackensack Trust

Company, both of Hackensack, New Jersey.

On motion duly seconded, action was sus-

pended for a reasonable time, pending deter-

mination of the matters referred to in the

letter.

Letter dated March 25th from the Cashier of the

First National Bank, Deadwood, South Dakota, reluesttng.

that Mr. Ben Baer be not required to furnish the detailed

information called for in blanks to be filed in connection

with application for permission to serve at the same time

as a director of the First rational Bank of Deadwood, south

Dakota, and as president of the American rational Bank, St.

Paul.


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Referred to the ,Governor for reply, to

the effect that the Board has no power to

waive the requirement referred to and sucgest-

inf; that the bank supply the information called

for and send the blank to Mr. Baer.

Letter dated March .27th from the Comptroller of the

Currency, requestinL approval of a salary of 0,000 per

annum from Mr. a. 3. Congdon as 1%,tional Bank L:kaminer-ut-

Large.

Approved.

At 1:05 P.M., the meeting adjourned.

ApdrOVed:


19190331_minutes.pdf

Documents

federal reserve bank

federal reserve bank

federal reserve bank

federal reserve bankof

2edera1 reserve board

javasche bank

rational park bank

member bunk